Former President Donald Trump has reportedly ascended to become one of the wealthiest individuals globally, with his net worth surpassing the $6 billion mark on Monday. This financial milestone was achieved following the completion of a merger process spanning over two years involving his social media enterprise, Trump Media & Technology Group (TMTG).
On Monday, TMTG successfully finalized the merger, setting the stage for the shares of the newly established entity to be traded on the Nasdaq starting Tuesday. The shares will be listed under the new ticker symbol DJT, as reported by Breitbart News’s John Carney.
The merger is expected to significantly benefit Trump, who holds more than a 60 percent ownership in TMTG. With the merger, his stake in the company, anticipated to be around 58 percent, could be valued at approximately $3 billion based on recent market valuations.
However, Trump’s ability to liquidate his shares or use them as loan collateral is restricted by a six-month lock-up period. This condition is commonly applied in initial public offerings and SPAC deals. Nevertheless, the board has the discretion to waive this lock-up, potentially allowing Trump to pledge his shares to support an appeal bond in the fraud judgment against him in New York.
The successful merger and the subsequent stock price performance have propelled the former president into Bloomberg’s list of the 500 richest people in the world, with Bloomberg estimating Trump’s worth at $6.4 billion as of Monday.
This surge in Trump’s wealth occurs at a critical juncture. He has been fined just under half a billion dollars by two judges in separate cases.
Moreover, a New York appeals court ruled on Monday that Trump must post a $175 million bond within ten days to appeal a civil fraud judgment valued at $464 million. Trump has assured reporters that he will back the bond in cash, expressing his respect for the Appellate Division’s decision and his readiness to comply swiftly within the stipulated timeframe. He also criticized Judge Engoron, calling him “a disgrace to this country” and condemning the situation as unjust.
Trump has framed these legal challenges as a form of election interference, orchestrated by President Biden and his associates, whom he accuses of attempting to undermine his electoral prospects due to Biden’s perceived failures in managing the borders, energy prices, inflation, and the situation in Afghanistan.
Wendell Husebo, a political reporter with Breitbart News and former GOP War Room Analyst, authored this report. Husebo, who has also penned “Politics of Slave Morality,” is active on social media platforms, including “X” and Truth Social, where he engages with his audience.